Adjusted Earnings Per Share from Continuing Operations at Mid-Point
of Guidance Range Net Cash from Continuing Operations of $225.9
Million CHARLOTTE, N.C., Feb. 25 /PRNewswire-FirstCall/ -- SPX
Corporation (NYSE: SPW) today reported results for the fourth
quarter and year ended December 31, 2009: Fourth Quarter
Highlights: -- Revenues decreased 12.1% to $1.32 billion from $1.51
billion in the year-ago quarter. Organic revenues* declined 16.7%,
while completed acquisitions and the impact of currency
fluctuations increased reported revenues by 0.4% and 4.2%,
respectively. -- Segment income and margins were $168.6 million and
12.7%, compared with $226.6 million and 15.0% in the year-ago
quarter. -- Diluted net income per share from continuing operations
was a loss of $1.63, compared with a loss of $0.20 in the year-ago
quarter. The fourth quarter 2009 results include the following
items: -- Non-cash impairment charges of $194.8 million ($169.2
million, net of tax), or $3.39 per share, primarily for the
previously announced impairment of goodwill at the company's
specialty diagnostic service tools business, and -- A tax benefit
of $21.5 million, or $0.43 per share, associated with the
recapitalization of certain entities in Europe. -- Adjusted net
income per share from continuing operations* was $1.35, excluding
the impact of the items noted above and adjusting for the dilutive
effect of outstanding stock awards, as compared to the company's
guidance of $1.25 to $1.45. -- Net cash from continuing operations
was $225.9 million, compared with $257.7 million in the year-ago
quarter. The decline in cash flow was due primarily to lower
earnings and increased spending on restructuring, which more than
offset a significant reduction in working capital, largely
attributed to higher than anticipated cash receipts in the last
week of the quarter. -- Free cash flow from continuing operations*
during the quarter was $192.8 million, compared with $217.6 million
in the year-ago quarter. The decrease was due primarily to the
items noted above, partially offset by lower capital expenditures.
Full Year 2009 Highlights: -- Revenues decreased 16.9% to $4.85
billion from $5.84 billion in 2008. Organic revenues declined
14.5%, while completed acquisitions and currency fluctuations
impacted reported revenues by 0.2% and (2.6)%, respectively. --
Segment income and margins were $587.1 million and 12.1%, compared
with $800.3 million and 13.7% in 2008. -- Diluted net income per
share from continuing operations was $0.93, compared with $4.64 in
2008. The impairment charges and tax benefit noted previously
impacted full year earnings per share by $(3.40) and $0.43,
respectively. -- Adjusted net income per share from continuing
operations was $3.90, excluding the items noted above, as compared
to the company's guidance of $3.80 to $4.00. -- Net cash from
continuing operations was $461.6 million, compared with $407.0
million in 2008. Free cash flow from continuing operations was
$368.8 million, compared with $290.6 million in 2008. The increase
in cash flow was due primarily to improved working capital
performance and lower capital expenditures, which more than offset
lower earnings and increased spending on restructuring. "The
challenges of the global recession resulted in weaker market demand
in 2009. Faced with these challenges we focused our efforts on
operating execution, reducing our cost base, and maintaining strong
liquidity, while at the same time continuing to invest in new
product development and global expansion," said Christopher J.
Kearney, Chairman, President and Chief Executive Officer of SPX.
"We believe these actions have us better positioned for growth when
economic conditions improve and our markets recover." "Our primary
technologies today support three critical components of modern
societies: electricity; processed foods and beverages; and vehicle
service," Kearney added. "Our focus on these end markets,
particularly in emerging regions of the world, has been key to our
success in recent years and we believe the fundamental drivers
behind the continued expansion of these markets point toward
positive long-term growth for SPX moving forward." FINANCIAL
HIGHLIGHTS - CONTINUING OPERATIONS Flow Technology Revenues for the
fourth quarter of 2009 were $437.9 million compared to $479.1
million in the fourth quarter of 2008, a decrease of $41.2 million,
or 8.6%. Organic revenues declined 14.5%, driven by softness across
all the segment's key end markets. The impact of currency
fluctuations increased revenues by 5.9% from the year-ago quarter.
Segment income was $62.7 million, or 14.3% of revenues, in the
fourth quarter of 2009 compared to $71.2 million, or 14.9% of
revenues, in the fourth quarter of 2008. Segment income and margin
declined due primarily to the organic decline noted above, offset
partially by the benefits from restructuring and APV integration
actions taken in 2008 and 2009. Test and Measurement Revenues for
the fourth quarter of 2009 were $219.2 million compared to $250.3
million in the fourth quarter of 2008, a decrease of $31.1 million,
or 12.4%. Organic revenues declined 16.7%, driven primarily by the
continued difficulties being experienced by vehicle manufacturers
and their dealer service networks. The impact of currency
fluctuations increased revenues by 4.3% from the year-ago quarter.
Segment income was $19.4 million, or 8.9% of revenues, in the
fourth quarter of 2009 compared to $18.0 million, or 7.2% of
revenues, in the fourth quarter of 2008. The increase in segment
income and margins was due primarily to the benefits realized from
cost reduction and restructuring initiatives as well as a favorable
fourth quarter 2009 LIFO adjustment of $4.1 million resulting from
a reduction in year-end inventories. These items were partially
offset by the organic revenue decline noted above. Thermal
Equipment and Services Revenues for the fourth quarter of 2009 were
$488.2 million compared to $497.1 million in the fourth quarter of
2008, a decrease of $8.9 million, or 1.8%. Organic revenues
declined 7.7% in the quarter, driven primarily by project timing
for cooling systems and lower demand for seasonal heating products.
Completed acquisitions and the impact of currency fluctuations
increased reported revenues by 1.1% and 4.8%, respectively, from
the year-ago quarter. Segment income was $63.0 million, or 12.9% of
revenues, in the fourth quarter of 2009 compared to $70.0 million,
or 14.1% of revenues, in the fourth quarter of 2008. The decline in
segment income and margins was due primarily to the organic decline
noted above, as well as unfavorable project mix in 2009. These
declines were partially offset by the acquisition and currency
benefits noted above. Industrial Products and Services Revenues for
the fourth quarter of 2009 were $178.8 million compared to $279.3
million in the fourth quarter of 2008, a decrease of $100.5
million, or 36.0%. Organic revenues declined 36.3% in the quarter,
driven primarily by volume and pricing declines for power
transformers and continued softness in the solar crystal grower
product line. The impact of currency fluctuations increased
revenues by 0.3% from the year-ago quarter. Segment income was
$23.5 million, or 13.1% of revenues, in the fourth quarter of 2009
compared to $67.4 million, or 24.1% of revenues, in the fourth
quarter of 2008. The decrease in segment income and margins was
driven largely by the organic declines noted above. OTHER ITEMS
Dividend: On February 19, 2010, the company announced that its
Board of Directors had declared a quarterly dividend of $0.25 per
common share payable on April 6, 2010, to shareholders of record on
March 15, 2010. The third quarter 2009 dividend of $0.25 per common
share was paid on October 2, 2009. The fourth quarter 2009 dividend
of $0.25 per common share was paid on January 5, 2010. Discontinued
Operations: During the fourth quarter of 2008, the company
committed to a plan to divest its automotive filtration solutions
product line, which was previously reported in the Industrial
Products and Services segment. The sale of this product line has
been completed. During the second quarter of 2009, the company
committed to a plan to divest a product line that was previously
reported in the Industrial Products and Services segment. In
February 2010, the company completed the sale of this product line.
The financial condition, results of operations, cash flows and any
anticipated or realized loss from the sale of the product lines
discussed above have been reported as discontinued operations in
the attached condensed consolidated financial statements. Form
10-K: The company expects to file its annual report on Form 10-K
for the year ended December 31, 2009 with the Securities and
Exchange Commission by March 1, 2010. This press release should be
read in conjunction with that filing, which will be available on
the company's website at http://www.spx.com/, in the Investor
Relations section. SPX Corporation (NYSE:SPW) is a Fortune 500
multi-industry manufacturing leader that provides its customers
with highly-specialized, engineered solutions to solve critical
business issues. SPX products and technologies play an important
role in the expansion of global infrastructure to help meet
increased demand for power and energy and support many different
sources of power generation, including coal and natural gas,
nuclear, solar and geothermal. The company's innovative product
portfolio, containing many energy efficient products, includes
cooling systems for power plants throughout the world; highly
advanced food processing components and turnkey, scalable systems
serving the global food and beverage industry; process equipment
that assists a variety of flow processes including oil and gas
exploration, distribution and refinement and power generation;
handheld diagnostic tools that aid in vehicle maintenance and
repair; and power transformers that allow utility companies to
regulate electric voltage, transmission and distribution. With
headquarters in Charlotte, North Carolina, SPX has 15,000 employees
in more than 35 countries worldwide. Visit http://www.spx.com/. *
Non-GAAP number. See attached financial schedules for
reconciliation to most comparable GAAP number. Certain statements
in this press release are forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and are subject to the safe harbor created thereby. Please
read these results in conjunction with the company's documents
filed with the Securities and Exchange Commission, including the
company's annual reports on Form 10-K and quarterly reports on Form
10-Q. These filings identify important risk factors and other
uncertainties that could cause actual results to differ from those
contained in the forward-looking statements. Actual results may
differ materially from these statements. The words "believe,"
"expect," "anticipate," "estimate," "guidance," "target" and
similar expressions identify forward-looking statements. Although
the company believes that the expectations reflected in its
forward-looking statements are reasonable, it can give no assurance
that such expectations will prove to be correct. In addition,
estimates of future operating results are based on the company's
current complement of businesses, which is subject to change.
Statements in this press release speak only as of the date of this
press release, and SPX disclaims any responsibility to update or
revise such statements. SPX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited; in millions,
except per share amounts) Three months ended Twelve months ended
-------------------- ------------------------ December December
December December 31, 31, 31, 31, 2009 2008 2009 2008 --------
------- --------- -------- Revenues $1,324.1 $1,505.8 $4,850.8
$5,837.6 Costs and expenses: Cost of products sold 937.8 1,043.5
3,429.8 4,069.3 Selling, general and administrative 249.8 273.8
961.3 1,130.3 Intangible amortization 5.5 6.0 21.5 25.7 Impairment
of goodwill and other intangible assets 194.8 123.0 194.8 123.0
Special charges, net 18.6 7.5 73.1 17.2 -------- ------- ---------
-------- Operating income (loss) (82.4) 52.0 170.3 472.1 Other
income (expense), net 0.7 8.0 (19.7) (1.2) Interest expense (23.4)
(27.3) (92.1) (116.0) Interest income 1.5 3.3 7.5 10.9 Equity
earnings in joint ventures 7.5 12.4 29.4 45.5 -------- -------
--------- -------- Income (loss) from continuing operations before
income taxes (96.1) 48.4 95.4 411.3 Income tax (provision) benefit
16.1 (55.2) (47.2) (152.4) -------- ------- --------- --------
Income (loss) from continuing operations (80.0) (6.8) 48.2 258.9
Income (loss) from discontinued operations, net of tax (2.3) 0.6
(5.6) 9.3 Gain (loss) on disposition of discontinued operations,
net of tax 9.1 1.5 (26.4) 4.6 -------- ------- --------- --------
Income (loss) from discontinued operations 6.8 2.1 (32.0) 13.9
-------- ------- --------- -------- Net income (loss) (73.2) (4.7)
16.2 272.8 Less: Net income (loss) attributable to noncontrolling
interests (1.1) 20.6 (15.5) 24.9 Net income (loss) attributable to
SPX Corporation common shareholders $(72.1) $(25.3) $31.7 $247.9
====== ====== ===== ====== Amounts attributable to SPX Corporation
common shareholders: Income (loss) from continuing operations, net
of tax $(80.4) $(10.7) $46.4 $252.3 Income (loss) from discontinued
operations, net of tax 8.3 (14.6) (14.7) (4.4) -------- -------
--------- -------- Net income (loss) $(72.1) $(25.3) $31.7 $247.9
====== ====== ===== ====== Basic income per share of common stock
Income (loss) from continuing operations attributable to SPX
Corporation common shareholders $(1.63) $(0.20) $0.94 $4.71 Income
(loss) from discontinued operations attributable to SPX Corporation
common shareholders 0.17 (0.27) (0.30) (0.08) -------- -------
--------- -------- Net income (loss) per share attributable to SPX
Corporation common shareholders $(1.46) $(0.47) $0.64 $4.63 ======
====== ===== ===== Weighted average number of common shares
outstanding -basic 49.316 53.323 49.363 53.596 Diluted income per
share of common stock Income (loss) from continuing operations
attributable to SPX Corporation common shareholders $(1.63) $(0.20)
$0.93 $4.64 Income (loss) from discontinued operations attributable
to SPX Corporation common shareholders 0.17 (0.27) (0.29) (0.08)
-------- ------- --------- -------- Net income (loss) per share
attributable to SPX Corporation common shareholders $(1.46) $(0.47)
$0.64 $4.56 ====== ====== ===== ===== Weighted average number of
common shares outstanding -diluted 49.316 53.323 49.797 54.359 (1)
Diluted loss per share for the three months ended December 31, 2009
and 2008 is anti-dilutive and therefore is the same as the basic
loss per share. (2) Had we been in an income position, the diluted
number of shares outstanding would have been 49.843 and 53.556 for
the quarters ended December 31, 2009 and 2008, respectively. SPX
CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions) December 31, December 31, 2009 2008
------------ ------------ ASSETS Current assets: Cash and
equivalents $522.9 $475.9 Accounts receivable, net 1,046.3 1,306.0
Inventories 560.3 666.8 Other current assets 121.2 180.6 Deferred
income taxes 56.1 101.3 Assets of discontinued operations 5.7 108.2
--- ----- Total current assets 2,312.5 2,838.8 Property, plant and
equipment Land 39.1 36.3 Buildings and leasehold improvements 250.4
223.5 Machinery and equipment 712.2 677.9 ----- ----- 1,001.7 937.7
Accumulated depreciation (455.3) (437.3) ------ ------ Property,
plant and equipment, net 546.4 500.4 Goodwill 1,600.0 1,769.8
Intangibles, net 708.3 646.8 Deferred income taxes 114.7 - Other
assets 442.5 382.3 ----- ----- TOTAL ASSETS $5,724.4 $6,138.1
======== ======== LIABILITIES AND EQUITY Current liabilities:
Accounts payable $475.8 $633.7 Accrued expenses 987.5 1,153.6
Income taxes payable 20.3 24.5 Short-term debt 74.4 112.9 Current
maturities of long-term debt 76.0 76.4 Liabilities of discontinued
operations 5.3 23.9 --- ---- Total current liabilities 1,639.3
2,025.0 Long-term debt 1,128.6 1,155.4 Deferred and other income
taxes 92.1 124.0 Other long-term liabilities 962.9 788.9 -----
----- Total long-term liabilities 2,183.6 2,068.3 Equity: SPX
Corporation shareholders' equity: Common stock 979.0 972.3 Paid-in
capital 1,425.7 1,393.9 Retained earnings 2,223.0 2,240.5
Accumulated other comprehensive loss (213.6) (179.9) Common stock
in treasury (2,523.3) (2,416.0) -------- -------- Total SPX
Corporation shareholders' equity 1,890.8 2,010.8 Noncontrolling
interests 10.7 34.0 ---- ---- Total equity 1,901.5 2,044.8 -------
------- TOTAL LIABILITIES AND EQUITY $5,724.4 $6,138.1 ========
======== SPX CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS
OF CASH FLOWS (Unaudited; in millions) Three months ended Twelve
months ended -------------------- ----------------------- December
December December December 31, 31, 31, 31, 2009 2008 2009 2008
------- ------- -------- -------- Cash flows from (used in)
operating activities: Net income (loss) $(73.2) $(4.7) $16.2 $272.8
Less: Income (loss) from discontinued operations, net of tax 6.8
2.1 (32.0) 13.9 ------- ------- -------- -------- Income (loss)
from continuing operations (80.0) (6.8) 48.2 258.9 Adjustments to
reconcile income (loss) from continuing operations to net cash from
(used in) operating activities: Special charges, net 18.6 7.5 73.1
17.2 Impairment of goodwill and other intangible asset s 194.8
123.0 194.8 123.0 (Gain) loss on sale of product line 0.3 - (1.1) -
Deferred income taxes (30.5) 62.5 (21.0) 49.4 Depreciation and
amortization 25.9 23.3 105.9 104.5 Pension and other employee
benefits 13.5 17.0 53.5 58.0 Stock-based compensation 5.9 8.2 27.6
41.5 Other, net (0.7) 6.7 16.3 25.9 Changes in operating assets and
liabilities, net of effects from acquisitions and divestitures:
Accounts receivable and other assets 217.9 (71.7) 316.3 (252.8)
Inventories 114.4 (0.9) 159.8 (48.0) Accounts payable, accrued
expenses and other (234.1) 103.1 (444.7) 57.5 Cash spending on
restructuring actions (20.1) (14.2) (67.1) (28.1) ------- -------
-------- -------- Net cash from continuing operations 225.9 257.7
461.6 407.0 Net cash from (used in) discontinued operations (0.2)
(4.7) 9.5 (1.1) ------- ------- -------- -------- Net cash from
operating activities 225.7 253.0 471.1 405.9 Cash flows from (used
in) investing activities: Proceeds from asset sales and other 0.7 -
3.6 1.3 (Increase) decrease in restricted cash (0.5) (14.0) 8.4
(14.0) Business acquisitions, net of cash acquired (131.4) (2.5)
(131.4) (15.0) Capital expenditures (33.1) (40.1) (92.8) (116.4)
------- ------- -------- -------- Net cash used in continuing
operations (164.3) (56.6) (212.2) (144.1) Net cash from
discontinued operations 5.8 100.5 24.0 130.5 ------- -------
-------- -------- Net cash from (used in) investing activities
(158.5) 43.9 (188.2) (13.6) Cash flows from (used in) financing
activities: Borrowings under senior credit facilities 210.5 (29.5)
424.5 585.5 Repayments under senior credit facilities (186.4)
(110.5) (503.0) (710.5) Borrowings under trade receivables
agreement 11.0 - 138.0 261.0 Repayments under trade receivables
agreement (10.0) (70.0) (116.0) (331.0) Net repayments under other
financing arrangements 6.3 24.3 (17.6) (28.3) Purchases of common
stock - (115.2) (113.2) (115.2) Proceeds from the exercise of
employee stock options and other, net of minimum tax withholdings
paid on behalf of employees for net share settlements 0.9 1.4 1.2
81.5 Purchase of noncontrolling interest in subsidiary 0.2 - (3.0)
- Financing fees paid - (1.2) - (1.2) Dividends paid (includes
noncontrolling interest distributions of $0.4 and $0.0 for three
months ended and $0.4 and $0.9 for twelve months ended December 31,
2009 and 2008, respectively) (12.9) (14.4) (50.3) (54.4) -------
------- -------- -------- Net cash from (used in) continuing
operations 19.6 (315.1) (239.4) (312.6) Net cash from (used in)
discontinued operations - 0.1 0.2 (0.4) ------- ------- --------
-------- Net cash from (used in) financing activities 19.6 (315.0)
(239.2) (313.0) Change in cash and equivalents due to changes in
foreign exchange rates (2.0) 27.6 3.3 42.5 Net change in cash and
equivalents 84.8 9.5 47.0 121.8 Consolidated cash and equivalents,
beginning of period 438.1 466.4 475.9 354.1 ------- -------
-------- -------- Consolidated cash and equivalents, end of period
$522.9 $475.9 $522.9 $475.9 ======= ======= ======== ======== Cash
and equivalents of continuing operations $522.9 $475.9 $522.9
$475.9 Cash and equivalents of discontinued operations $- $- $- $-
SPX CORPORATION AND SUBSIDIARIES RESULTS OF OPERATIONS BY SEGMENT
(Unaudited; in millions) Three months ended Twelve months ended
------------------- --------------------- December December
December December 31, 31, 31, 31, 2009 2008 % 2009 2008 % Flow
Technology --------- --------- --- --------- ---------- ---
Revenues $437.9 $479.1 -8.6% $1,634.1 $1,998.7 -18.2% Gross profit
148.6 160.7 549.9 630.4 Selling, general and administrative expense
83.0 86.5 327.6 374.9 Intangible amortization expense 2.9 3.0 11.4
12.1 --------- --------- --------- ---------- Segment income $62.7
$71.2 -11.9% $210.9 $243.4 -13.4% ========= ========= =========
========== as a percent of revenues 14.3% 14.9% 12.9% 12.2% Test
and Measurement Revenues $219.2 $250.3 -12.4% $810.4 $1,100.3
-26.3% Gross profit 66.5 66.3 234.0 325.6 Selling, general and
administrative expense 45.3 46.6 175.5 209.2 Intangible
amortization expense 1.8 1.7 7.1 7.6 --------- --------- ---------
---------- Segment income $19.4 $18.0 7.8% $51.4 $108.8 -52.8%
========= ========= ========= ========== as a percent of revenues
8.9% 7.2% 6.3% 9.9% Thermal Equipment and Services Revenues $488.2
$497.1 -1.8% $1,600.7 $1,690.1 -5.3% Gross profit 120.9 134.1 380.3
441.0 Selling, general and administrative expense 57.3 62.9 206.7
231.2 Intangible amortization expense 0.6 1.2 2.5 5.4 ---------
--------- --------- ---------- Segment income $63.0 $70.0 -10.0%
$171.1 $204.4 -16.3% ========= ========= ========= ========== as a
percent of revenues 12.9% 14.1% 10.7% 12.1% Industrial Products and
Services Revenues $178.8 $279.3 -36.0% $805.6 $1,048.5 -23.2% Gross
profit 53.0 103.7 267.8 380.5 Selling, general and administrative
expense 29.3 36.2 113.6 136.2 Intangible amortization expense 0.2
0.1 0.5 0.6 --------- --------- --------- ---------- Segment income
$23.5 $67.4 -65.1% $153.7 $243.7 -36.9% ========= =========
========= ========== as a percent of revenues 13.1% 24.1% 19.1%
23.2% Total segment income $168.6 $226.6 $587.1 $800.3 Corporate
expenses 22.3 26.9 83.8 107.7 Pension and postretirement expense
9.4 9.0 37.5 38.8 Stock-based compensation expense 5.9 8.2 27.6
41.5 Impairment of goodwill and other intangibles 194.8 123.0 194.8
123.0 Special charges, net 18.6 7.5 73.1 17.2 --------- ---------
--------- ---------- Consolidated Operating Income (loss) $(82.4)
$52.0 $170.3 $472.1 ========= ========= ========= ========== SPX
CORPORATION AND SUBSIDIARIES ORGANIC REVENUE RECONCILIATION
(Unaudited) Three months ended December 31, 2009
-------------------------------------------------- Net Revenue
Foreign Organic Revenue Decline Acquisitions Currency Decline
----------- ------------ -------- ------- Flow Technology (8.6)% -%
5.9% (14.5)% Test and Measurement (12.4)% -% 4.3% (16.7)% Thermal
Equipment and Services (1.8)% 1.1% 4.8% (7.7)% Industrial Products
and Services (36.0)% -% 0.3% (36.3)% Consolidated (12.1)% 0.4% 4.2%
(16.7)% Twelve months ended December 31, 2009
-------------------------------------------------- Net Revenue
Foreign Organic Revenue Decline Acquisitions Currency Decline
----------- ------------ -------- ------- Flow Technology (18.2)%
-% (4.3)% (13.9)% Test and Measurement (26.3)% 0.6% (3.1)% (23.8)%
Thermal Equipment and Services (5.3)% 0.3% (1.5)% (4.1)% Industrial
Products and Services (23.2)% -% (0.5)% (22.7)% Consolidated
(16.9)% 0.2% (2.6)% (14.5)% SPX CORPORATION AND SUBSIDIARIES FREE
CASH FLOW RECONCILIATION (Unaudited; in millions) Three months
ended Twelve months ended ---------------------
---------------------- December December December December 31, 31,
31, 31, 2009 2008 2009 2008 ------- ------- -------- -------- Net
cash from continuing operations $225.9 $257.7 $461.6 $407.0 Capital
expenditures - Continuing operations (33.1) (40.1) (92.8) (116.4)
------- ------- -------- -------- Free cash flow from continuing
operations $192.8 $217.6 $368.8 $290.6 ======= ======= ========
======== SPX CORPORATION AND SUBSIDIARIES CASH AND DEBT
RECONCILIATION (Unaudited; in millions) Twelve months ended
-------------- December 31, 2009 ----------------- Beginning cash
and equivalents $475.9 Operational cash flow 461.6 Business
acquisitions and investments, net of cash acquired (131.4) Capital
expenditures (92.8) Decrease in restricted cash 8.4 Proceeds from
asset sales and other 3.6 Borrowings under senior credit facilities
424.5 Repayments under senior credit facilities (503.0) Net
repayments under other financing arrangements (17.6) Net borrowing
under trade receivable agreement 22.0 Purchases of common stock
(113.2) Proceeds from the exercise of employee stock options and
other, net of minimum tax withholdings paid on behalf of employees
for net share settlements 1.2 Purchase of noncontrolling interest
in subsidiary (3.0) Dividends paid (50.3) Cash from discontinued
operations 33.7 Increase in cash due to changes in foreign exchange
rates 3.3 --------- Ending cash and equivalents $522.9 =========
Debt at Debt at 12/31/2008 Borrowings Repayments Other 12/31/2009
---------- ---------- ---------- ----- ---------- Term loan $675.0
$- $(75.0) $- $600.0 Domestic revolving loan facility 65.0 424.5
(428.0) - 61.5 7.625% senior notes 500.0 - - - 500.0 7.50% senior
notes 28.2 - - - 28.2 6.25% senior notes 21.3 - - - 21.3 Trade
receivables financing arrangement - 138.0 (116.0) - 22.0 Other
indebtedness 55.2 - (17.6) 8.4 46.0 ---------- ----------
---------- ----- ---------- Totals $1,344.7 $562.5 $(636.6) $8.4
$1,279.0 ========== ========== ========== ===== ========== SPX
CORPORATION AND SUBSIDIARIES ADJUSTED EARNINGS PER SHARE
RECONCILIATION (Unaudited; in millions, except per share) Three
months ended Twelve months ended ------------------
------------------- December 31, 2009 December 31, 2009
------------------ ------------------- Diluted net income (loss)
per share of common stock from continuing operations $(1.63) $0.93
Impairment of goodwill and other intangible assets 3.39 3.40 Tax
matters (0.43) (0.43) Anti-dilutive earnings impact on share
calculation 0.02 - ---------- ---------- Adjusted diluted net
income per share of common stock from continuing operations $1.35
$3.90 ========== =========== (1) Diluted loss per share for the
three months ended December 31, 2009 and 2008 is anti-dilutive and
therefore is the same as the basic loss per share. (2) Had we been
in an income position, the diluted number of shares outstanding
would have been 49.843 and 53.556 for the quarters ended December
31, 2009 and 2008, respectively. DATASOURCE: SPX Corporation
CONTACT: Ryan Taylor (Investors), +1-704-752-4486, ; or Jennifer H.
Epstein (Media), +1-704-752-7403, Web Site: http://www.spx.com/
Copyright